• MTS Gold Evening News 20171009

    9 Oct 2017 | Gold News

       

• Gold prices climbed to their highest in more than a week on Monday as renewed concerns over North Korea's nuclear ambitions stoked safe-haven demand for the precious metal and weighed on the dollar.

Spot gold was up 0.5 percent to $1,282.39 an ounce by 0357 GMT, after earlier touching its highest since Sept. 29.

U.S. gold futures for December delivery gained 0.8 percent to $1,284.80 per ounce.

• The dollar held steady against the yen on Monday, having retreated from 12-week highs set last week, due to a renewed focus on geopolitical risks amid concerns that North Korea may be preparing another missile test.

• North Korea's leader said his nuclear weapons were a "powerful deterrent" that guaranteed its sovereignty, hours after U.S. President Donald Trump said "only one thing will work" in dealing with the isolated country.

• "This is really arbitrage driven, and the Chinese having come back and trading the difference between the arb," a Hong Kong-based trader said, adding that comments over the weekend concerning North Korea provided support for gold.

"If gold continues this movement, I think you'll run into some resistance here. $1,285 looks top at the moment. I'm looking for strength to buy into and we might get that in the next few days," the trader said.

• Spot gold may rise to $1,299 per ounce as it has broken a resistance at $1,281, Reuters technicals analyst Wang Tao said.

• In other metals, silver was up 0.8 percent at $16.91an ounce and was near its highest in nearly two weeks.

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